Who Must File?
A return must be filed by each severer who withholds tax from royalty payments and each purchaser who withholds tax from any amount due a seller or owner if the tax has not yet been paid.
Rate of Tax
|Oil/Condensate/Similar Natural Resources||Per barrel of 42 gallons|
|Full rate oil/condensate||12.5% of value|
|Incapable oil rate [R.S. 47:633(7)(b)]||6.25% of value|
|Stripper oil rate * [R.S. 47:633(7)(c)]||3.125% of value|
|Reclaimed oil [R.S. 47:648.21]||3.125% of value|
|Produced water-full rate [R.S. 47:633.5(C)(1)]||10.0% of value|
|Produced water-incapable oil rate [R.S. 47:633.5(C)(1)]||5.0% of value|
|Produced water-stripper oil rate [R.S. 47:633.5(C)(1)]||2.5% of value|
Date Tax Due
Tax returns must be filed on or before the twenty-fifth day of the second month following the month to which the tax is applicable.
The severer must report the kind and quantity of natural resources severed, the names of the owners, the portion owned by each, the location of each natural resource, and the places where severed.
The purchaser must report the names and addresses of all sellers and the quantity and gross price paid for each natural resource.
These reports are due monthly on the same date as the tax.